Big Pharma Stocks Drop After RFK Jr. Announced as Health Secretary

 

Stocks of major pharmaceutical companies have fallen since Robert F. Kennedy Jr. was nominated to be the next U.S. Secretary of Health. Kennedy Jr., a member of the influential Kennedy family with a former president and a former attorney general in his lineage, is known for his vocal opposition to Big Pharma.

Kennedy Jr. has linked America’s health issues to insufficient regulation of pesticides, harmful additives, processed foods, seed oils, and vaccines. His stance has attracted attention since President-elect Donald Trump announced his nomination for the Health Secretary position. Following the announcement, five major pharmaceutical companies that manufacture vaccines experienced notable stock declines.

Moderna's stock dropped 5.62% on Wednesday, closing at $39.77, down from $42.14 the previous day. By Thursday morning, the price had fallen further to $38.47. Similarly, Pfizer's stock decreased by 2.62% on Wednesday, closing at $26.02, down from $26.72. On Thursday, Pfizer's stock continued to slide, reaching about $24.75 early in the day. 

Novavax, another key vaccine maker, saw a 7.02% drop in stock value by Wednesday’s close. The next day, Novavax stock opened at $7.15, down from $8.44 on Tuesday. BioNTech, the German company that collaborated with Pfizer on the COVID-19 vaccine, also saw a 7.10% decline on Wednesday, and its stock continued to drop Thursday morning, opening at $99.75.

GSK, a UK-based pharmaceutical company known for its flu vaccines, experienced a 2.05% drop on November 14, closing at $34.39, down from $35.11. By Thursday morning, the stock had fallen further to $32.83.

This decline in stock values is linked to increased attention on Kennedy Jr.’s strong anti-Big Pharma views and his distrust of vaccines. While he lacks a medical degree, having studied law, Kennedy Jr. founded the nonprofit group *Children’s Health Defense*, which advocates against vaccination. His organization reportedly saw a surge in revenue during the pandemic, reaching $6.8 million in 2020. It has become one of the leading platforms in the alternative medicine space.

In addition to his anti-vaccine stance, Kennedy Jr. has expressed intentions to reform the health sector by tackling corruption in health agencies. He has promised to “clean up” the industry and overhaul organizations like the National Institutes of Health (NIH) and the U.S. Food and Drug Administration (FDA). He also plans to dismiss 600 NIH employees and replace them with new staff.

Trump has openly supported Kennedy Jr., stating that the nominee would be free to pursue health reforms without restrictions. In his announcement on X (formerly Twitter), Trump criticized the industrial food complex and pharmaceutical companies for engaging in deception and misinformation regarding public health.

Kennedy Jr.'s nomination has sparked uncertainty about the future of U.S. health agencies, potentially contributing to the stock market declines in major pharmaceutical companies.